Tuesday, February 10, 2009

The Bear is Back with a Vengence!  "Just be on the right side of the trade." - Shadow Trader
3M, Daily - Feb. 10 - The long term Bear Potato was threatened but fought off the attack.
5D, 30m. - Feb. 10 - The 30 minute chart gave up the Bull and converted to Bear with the Treasury announcement of a new & more extensive bank bailout without offering any specifics.  The resulted in a broad selloff secondary to all the uncertainties.  Internals were devastated.
10D, 60m. - Feb. 10 - The fall was so rapid that confirmation by the 60 minute timeframe almost made no difference and was technically slow to occur.  Obviously we do have a new Bear Potato confirmed on the Hourly.
2D, 5m. - Feb. 10 - Trending day down with no buyers in sight.  DOW was down 375 on very weak internals.  A mild rally occurred at the close.  This action would qualify as a successful "JA" play.  There was a lot of opportunity to profit assuming your being on the "right side of the trade."

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